I would agree with everything CDMA and UCGAL said.

UC when you have a good operation running and can feed your crew consistent work you would be surprised at how little the cost it. I would classify all the work they did as cosmetic as well. Maybe heavy cosmetic but cosmetic nonetheless. Running the flips through your own brokerage does help bigtime. Think about it, if these guys can make as little as 10% per home and flip 4 or 5 homes in a year at a price of 450k or around that (and I bet they do more) then they are doing pretty well.

That doesn’t even count whatever other business they are doing (other listings they may have through their brokerage).